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RALEIGH, NC, October 28, 2021 / PRNewswire / – Insightsoftware, a global provider of financial reporting and performance management solutions to the CFO office, today announced the acquisition of Magnitude, a leader in operational reporting and continuous intelligence for data-driven businesses. The takeover is expected to be completed in early November. The deal reaffirms Insightsoftware’s vision to offer a comprehensive suite of software solutions that help companies run a world-class financial business.
Magnitude has grown into a leader in helping companies turn their data into a competitive advantage, providing self-service operational reports and process analysis with an extensive library of customizable report templates for Oracle and SAP ERP systems. The company’s data integration and connectivity solutions help customers better manage distributed data sources across the enterprise. In addition, the SAP-certified Solution Extensions from Magnitude accelerate the implementation of SAP S / 4HANA Central Finance and at the same time accelerate the integration with third-party ERP systems.
“Insightsoftware, our largest deal to date, is excited to partner with Magnitude to provide end-to-end reporting for every department in a company,” said Jim Triandiflou, CEO of Insightsoftware. “Magnitude will significantly expand our ISV partner channel and expand our team with extensive SAP and Oracle know-how. In addition, the addition of Magnitude will provide us with market-leading content and reporting solutions for SAP, Oracle and Microsoft, the three largest ERP publisher in the world. “
Headquarters in Austin, TX With offices around the world, Magnitude’s 1,300 customers include global leaders in communications, consumer products, insurance, healthcare, manufacturing, semiconductors, and software. Magnitude also has a large and diverse ecosystem of ISV and channel partners selling, integrating and embedding its solutions, including hyperscale cloud providers, leading software providers and global systems integrators.
The acquisition will enhance the global presence of Insightsoftware with Magnitude Centers of Excellence in North America, the Netherlands, the United Kingdomand a major engineering, development and service company in India, which Insight Software wants to expand. These resources will help Insight Software leverage Magnitude’s SAP and Oracle knowledge for additional Insight Software products.
“As a company with similar visions and ambitions, we are excited to join Insightsoftware as a team to quickly make our continuous intelligence solutions available to even more companies and to share new financial reporting features with our customers,” said Jeffery Shoreman, CEO of Magnitude. “With its size and reach, its deep ERP integrations and its strength in data-driven solutions, Insightsoftware is the ideal partner to grow our business and offer our partners and customers more value.”
Insightsoftware’s acquisition of Magnitude follows additional investments in expanding operational reporting and embedded analytics businesses, including the acquisitions of Logi Analytics, Exago and Izenda. At the beginning of this year, Hg Capital made a significant investment in insight software, which the company acquired with approx $ 4 billion and is designed to drive a growth strategy through major acquisitions and organic growth.
About insight software
Insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable the CFO’s office to connect to and understand their data in real time so they can proactively drive more financial information across their organization. Over 28,000 companies worldwide rely on the portfolio of Insightsoftware with first-class solutions for reporting, analysis, budgeting, forecasting, consolidation and taxation to provide them with higher productivity, transparency, accuracy and compliance. visitInsightsoftware.comfor more informations.
About the size
Data is the fuel that powers modern businesses. Our mission is to help companies turn their core business data into continuous intelligence and provide actionable insights to shorten the path from data to decision. We enable our customers to connect data across enterprise applications and business processes, including supply chain, finance and order management. Our relentless focus on innovation, customer experience and solving business problems is why more than 1,300 companies around the world trust Magnitude to put the power of their data in the hands of their business users. Visit Magnitude.com for more information.
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